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Canadian Natural Resources Limited Announces 2016 Fourth Quarter and Year End Results
Mar. 02, 2017 09:32AM PST
Energy Investing
Canadian Natural Resources Limited (TSX:CNQ) Announces 2016 Fourth Quarter and Year End Results. As quoted in the press release: Commenting on 2016 results, Steve Laut, President of Canadian Natural (TSX:CNQ)(NYSE:CNQ) stated, “Throughout 2016 Canadian Natural continued to execute on our defined strategy with another strong operational year. In 2016 we were able to keep our …
Canadian Natural Resources Limited (TSX:CNQ) Announces 2016 Fourth Quarter and Year End Results.
As quoted in the press release:
Commenting on 2016 results, Steve Laut, President of Canadian Natural (TSX:CNQ)(NYSE:CNQ) stated, “Throughout 2016 Canadian Natural continued to execute on our defined strategy with another strong operational year. In 2016 we were able to keep our capital program intact, complete the Phase 2B expansion at Horizon, continue to lower our cost structures, operate our properties in a safe and effective manner and increase returns to shareholders.
2016 was a milestone year for Canadian Natural with the continued transition to a long life low-decline asset base with the strong execution and operational results of Horizon Phase 2B. In the fourth quarter of 2016 the Company achieved record SCO production of 178,000 bbl/d and record low operating costs of $22.53 were realized as cost efficiencies continue to be a focus. Production levels at Horizon continue to be in excess of our 182,000 bbl/d nameplate capacity with December, January and February production averaging approximately 184,000 bbl/d, 195,000 bbl/d and 202,600 bbl/d respectively. Strong production combined with record low operating costs is delivering substantial cash flow generation and as a result our balance sheet is strengthening quickly. This will allow for greater returns to shareholders, as demonstrated by today’s 10% dividend increase, economic development of our asset base and potential for opportunistic acquisitions.
2017 will be equally as transformational as Canadian Natural targets to deliver 6% production growth with a $3.9 billion capital program. With approximately $1.05 billion of Horizon Phase 3 expansion capital remaining to be spent in 2017 as a part of this capital program, an additional 80,000 bbl/d of SCO will be added at Horizon. Phase 3 is targeted to start-up in the fourth quarter of 2017 and will further strengthen the Company’s long term sustainability in any commodity price cycle.”
